US Drillers Add Oil, Gas Rigs for Second Consecutive Week: Baker Hughes

Even though the total rig count was up for a record 23 months through June, weekly increases have mostly been in the single digits and oil production is still below pre-pandemic record levels.

Scott DiSavino, Reuters

U.S. energy firms this week added oil and natural gas rigs for a second week in a row, but only incrementally as softening crude prices deter some drillers from returning to the wellpad.

The oil and gas rig count, an early indicator of future output, rose four to 756 in the week to July 15, its highest since March 2020, energy services firm Baker Hughes Co. said in its closely followed report.

Baker Hughes said that puts the total rig count up 272, or 56%, over this time last year.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access